Tips for financing surrogacy
It’s no secret that surrogacy is a big investment. While Heartland works hard to keep our costs low and connect intended parents (IPs) with affordable providers, the costs associated with a surrogacy journey add up quickly.
Financing surrogacy can be a complex and significant financial undertaking, as the costs involved can vary widely depending on numerous factors such as location, surrogate compensation, and medical expenses. Generally, intended parents should anticipate a range of costs including agency fees, legal fees, medical expenses, surrogate compensation, and insurance coverage. Some intended parents explore financing options such as personal loans, home equity lines of credit, or specialized surrogacy financing programs to help cover the expenses.
To make surrogacy more accessible, several organizations and financial institutions now offer specific financing solutions tailored to this unique need. These options can include low-interest loans, grants, or crowdfunding platforms designed for surrogacy. It is also beneficial for intended parents to consult with financial advisors or surrogacy consultants who can provide personalized advice and help navigate the financial aspects effectively. Understanding and planning for these costs in advance can help alleviate some of the stress associated with the financial side of the surrogacy journey, allowing parents to focus more on the emotional and logistical aspects of building their family.
Financial Planning
You can start by meeting with a financial planner to discuss your family building goals. Some planners specialize in helping individuals and couples budget for IVF and surrogacy. They can help you set goals for saving money before your surrogacy journey and can guide you in designating an account for these funds.
Financial planning for surrogacy requires careful consideration and a detailed strategy to manage the substantial costs involved. Intended parents should create a comprehensive budget that includes not only the direct expenses but also potential contingencies like unexpected medical complications or legal fees.
Choosing a financial planner who specializes in surrogacy or family building ensures that you receive expert guidance tailored to the unique financial demands of this process.
Financing Options
Loans
Many IPs use loans to pay for fertility treatments and surrogacy. You can apply to loan agencies that specifically fund fertility treatments, such as Prosper Healthcare Lending, Capex MD, Advance Care, United Credit, Sunfish, New Life Fertility Finance and U.S. Bank. RESOLVE, the National Infertility Association, has compiled a list of financing programs here.
Traditional bank loans are another option. There are two types of bank loans: secured and unsecured. A secured loan has collateral attached; home equity loans, second mortgages, and advances from your 401K are examples of secured loans. This type of loan usually has a lower interest rate, meaning you pay less over time. However, failing to pay your loan on time will cause you to lose your collateral. An unsecured loan does not require collateral but usually has a higher interest rate.
Credit
Some IPs help finance fertility treatments by putting part of the costs on a credit card. Not all costs associated with surrogacy are payable by credit card, so this option must be combined with other methods of payment.
If you choose to use credit cards, we recommend closely managing your monthly balance and minimizing accumulated interest.
Community
Borrowing money from friends and family is another option to help fund your surrogacy journey. Some relatives are willing to provide a personal loan or contribution toward your goal.
IPs can set up a crowdsourcing account to request funds. Sharing the link on social media can alleviate some of the pressure of asking face-to-face. Other creative solutions include asking your social circles to contribute items for a garage sale or hosting a fundraising house party.
Fertility Grants
There are several foundations that provide grants to help cover part of the cost of IVF and surrogacy. These include Tinina Q. Cade Foundation, Baby Quest Foundation, Family Formation Charitable Trust (AARTA), Journey to Parenthood Grant, Chicago Coalition for Family Building, Gift of Surrogacy Foundation, and Pay it Forward Fertility Grants. These foundations have an application process and many offer a maximum of $10,000.
These grants can be competitive and have limited windows for applying, so we recommend looking into them as soon as you can.
Additional Resources
Many IPs need to carefully manage the household budget to make their goal a reality. Some people downsize their home, sell valuable assets, or move to areas with lower costs of living in hopes of minimizing expenses wherever possible.
When their insurance policy does not provide coverage for fertility care, some IPs move to positions with employers whose policies do. The coverage will likely only cover fertility services and not the surrogate pregnancy, but the savings may be worth the change.
Your fertility clinic may offer a payment plan and/or discount package, which can greatly alleviate medical costs. At Heartland Surrogacy, our fees are broken up across milestones. It is our hope to provide low up-front costs in order to best serve our clients.
Financing a surrogacy journey is a major consideration for most IPs before starting their journey. We hope this list of resources and ideas will support you in finding a solution that makes your journey more attainable.
Reach out!
Heartland Surrogacy can assist you in starting your financial planning for surrogacy by providing detailed cost estimates and breaking down the various financial components involved.